Whether you’re buying or selling a home, you might come across the phrase, “termite bond” at some point. If you’re buying, you might wonder what a termite bond does, and should you worry about whether a particular seller is offering one. If you’re selling your home, you might consider whether a termite bond will make your home more attractive to potential buyers.
So first, what is a termite bond?
If your home has been inspected for termites, and some evidence of activity is found, your pest control expert will walk you through the different methods of extermination. You will choose one or several treatment methods based upon the severity of your problem, and the extent of the damage.
The termite bond is an agreement between the homeowner and exterminator, to address any future problems. The termite bond generally covers an annual inspection, along with future extermination costs. In a way, you could view a termite bond as a sort of insurance policy against future termite problems.
The termite bond might not cover all damages due to termites, or to some specific situations, so it’s important to read the contract carefully.
Is your termite bond transferable?
This is where buying and selling issues come into play. If you’re purchasing a home with a current termite bond, check to see if the bond is transferable to you, the new owner. This way you can ensure continuous protection of the home, although you will now of course become responsible for the yearly fee if you choose to continue the contract.
If you’re selling your home and hope that the termite bond makes the property more attractive to potential buyers, choose a bond that is transferable. Since termite infestations are not covered by homeowners insurance, offering a termite bond with your home is a good way to help buyers feel more comfortable with their choice.
Is a termite bond right for you?
As with any other decision regarding your home, make sure to check the details of the bond contract fully. You want to choose an arrangement that works best for your risk and budget. For more information on treatments for termite infestations, or for annual checks to be sure you’re in the clear, give us a call. We can help you understand your options, and protect your home from this common, but destructive, problem.